CLC building projects funding:
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College of Lake County will borrow up to $20.4 million through a bond issue to pay for future building projects. Officials said borrowing will occur at less cost because the college’s bond rating from Moody’s Investment Services has been upgraded from Aa1 to Aaa. The bond upgrade should save CLC nearly $1.3 million in interest costs, according to Tammie Beckwith Schallmo, managing director and vice president at PMA Securities Inc., the college’s financial adviser. Two major projects will be funded — a new science building on the Grayslake campus and an expansion of Lakeshore Campus in Waukegan. The news came at a meeting Tuesday. In December, Gov. Pat Quinn announced the release of more than $17 million in state funding for construction of the $23.4 million science building. The Lakeshore Campus expansion has also been approved by the legislature, but funds have not been released. When funds are released, the state will pay $35.9 million and CLC $12 million toward the $47.9 million expansion cost.
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